Displaying items by tag: Oman Cement

Oman: The board of directors of Oman Cement has agreed to move ahead with the construction of an integrated cement plant at Duqum. The unit will have a clinker production capacity of 5000t/day and an expected investment of US$212m. The project is being financed by the company and its shareholders. Previously the project was linked to Raysut Cement as a joint venture run under the Al Wusta Cement brand.

Oman: Oman Cement has launched a new brand identity and logo. The changes to its marketing are intended convey its strong brand value proposition that is synonymous with quality, strength and reliability, according to the Muscat Daily newspaper. The new brand identity is hoped to help the company’s sales and market share.

Oman: Raysut Cement has been added to a list of Sharia-compliant companies for the second quarter of 2018 compiled by the Muscat Securities Market. It joins Oman Cement, which was listed in the first quarter of 2018, according to the Oman Daily Observer newspaper. The list includes 31 publically listed companies that conform to the requirements of Islamic Sharia according to the rules approved by the Accounting and Auditing Organization for Islamic Financial Institutions, Companies on the list cover a cross-section of industrial sectors.

Oman: Oman Cement has been included on a list of Sharia-compliant companies for the first quarter of 2018 compiled by the Muscat Securities Market. The 32 companies on the list conform to the requirements of Islamic Sharia according to the rules approved by the Accounting and Auditing Organization for Islamic Financial Institutions, according to the Oman Daily Observer newspaper. Companies on the list cover a cross-section of industry including building materials, banking, food production and more.

Oman: Al Wusta Cement Company has appointed Abdullah Abbas Ahmed as its chairman and Ahmed bin Yousuf bin Alwai Al Ibrahim as its vice-chairman. The officials were nominated at a meeting of the representatives of two joint venture partners Raysut Cement Company and Oman Cement Company. The new cement company plans to build a plant at Duqm in 2018.

Oman: The Special Economic Zone Authority of Duqm (SEZAD) has signed a usufruct agreement with the Al Wusta Cement Company to establish a cement plant in Duqm. As per the terms of the deal the Al Wusta Cement has received a 500,000m2 plot in the zone for a duration of 50 years, according to the Oman News Agency. The new cement producer is a joint venture between Oman Cement and Raysut Cement.

Al Wusta Cement plans to start building the plant in 2018 with production scheduled for 2020. The unit will start with a production capacity of 5000t/day before raising this to 10,000t/day, subject to market demand.

Oman: Oman Cement has announced that its net profit after tax for the first half of 2017 was US$13m, a fall of 27% year-on-year compared to the same period of 2016 when it made US$17.7m. Its sales for the first half were US$76.4m, a smaller fall of just 2.3% compared to the first half of 2016, when sales were US$78.2m. This is indicative of higher input costs for the company.

Oman: Raysut Cement has confirmed its plans to build a new cement plant via a joint venture with Oman Cement. The cement producer announced its plans in its first quarter financial report for 2017. The new company will be called Alwasta Cement Company. As announced previously the new project will be dependent on a feasibility report. It also announced that its project with Barwaaqo Cement Company to build a terminal in Somaliland, an autonomous region of Somalia, is progressing and that work on a new packing plant in underway.

Oman: Oman Cement’s profit has risen by 10% year-on-year to US$33.4m in 2016 from US$30.4m in 2015. Its sales revenue grew by 8.5% to US$147m from US$135m and its sales volumes of cement grew by 10.6% to 2.30Mt from 2.01Mt, according to the Muscat Daily newspaper. It attributed the increased profit to higher turnover and higher investment income. However, its operational costs rose due to a shutdown of its kiln for a longer period than expected.